My suggestion to you is to deal with CIBC they are very experienced with this and help many from places like yours set up what they need and help them with the transfers and understanding how it all works. They have great programs for new comers to Canada as well. They are the only bank i find that is good with this stuff. TD is too stuff and they flag you for the tiniest thing you do because they themselves are not an honest bank and have been caught in many scandals so to make themselves look good they go after everyone and they lose good honest customers because they are too strict. This is after all our money not theirs.
Bringing money from overseas
- Thread starter desi2012
- Start date
CIBC lets you transfer and they deal with a much better program called Transferwise. This bank is great with overseas money and transfers they help you and work with you to set up what you need. They also do higher transfers depending on what you need.
No this money from India is yours it is not income made within Canada so it is not taxed. The reason Canada is like this is because we welcome money into the country they want you to spend your money here and build your life. It is strange i know because we may be one of the only countries that do this but why would Canada tax you so you have to pay twice on money you earned in another country. This can happen when you work outside of Canada though so watch the rules on that one, When you work outside of Canada but live here you then have to declare your income in both countries.
What do you mean by non-resident bank account? As a PR holder, wouldn't we open a bank account suitable for permanent residents? Also, if having a bank account is a secondary tie, then does the nature of it really matter? I am asking all these questions because I have no clue about their answers. Many thanks in advance!
One as a PR holder can be non resident for tax purposes, so they told the bank about their non resident status.
Is it okay to have savings transferred from your wife's account as I shall be settling first and family will follow later?
If it is not okay then should I transfer from a joint account?
If it is okay should I ask my Canadian bank to convert my account to non resident status before transfer?
If it is not okay then should I transfer from a joint account?
If it is okay should I ask my Canadian bank to convert my account to non resident status before transfer?
Is it about money laundering that you need to use one's wife account to make such transaction?
The country where I'm cancelling my residence visa usually freeze bank accounts as protocol to check for debts...which is why I transferred my savings to my spouse account as her visa is still valid.... what has money laundering got to do with it...??
I do not wish for my funds to be stuck in procedural limbo...
Look at the original post you wrote - you clearly wrote "your wife" that is another member's wife.
So, can someone help with understanding the bottom line.
a) I have 100,000 CAD with me in my home country that I earned before setting foot in Canada and becoming a PR. This money is earned tax-free for instance let's say from UAE and placed into an NRE account in India where again it's tax-free. But the bottom line it was earned before becoming PR.
b) I take 10,000 CAD with me to Canada while landing and live there permanently.
c) 90,000 CAD stays back in my home country while generating interest every year for the next years.
d) Interest income from the 90,000 CAD is taxed every year. We are aware of this fact and it is fine.
e) After 5 years I want to transfer 90,000 CAD to my Canadian bank account as is. Would this 90,000 be taxed then? My understanding is that 90K CAD was earned before I became PR so no tax is levied on it.
appreciate some clarity and if anyone has any official CRA links on this matter would help us. Been searching but could not get anything concrete.
a) I have 100,000 CAD with me in my home country that I earned before setting foot in Canada and becoming a PR. This money is earned tax-free for instance let's say from UAE and placed into an NRE account in India where again it's tax-free. But the bottom line it was earned before becoming PR.
b) I take 10,000 CAD with me to Canada while landing and live there permanently.
c) 90,000 CAD stays back in my home country while generating interest every year for the next years.
d) Interest income from the 90,000 CAD is taxed every year. We are aware of this fact and it is fine.
e) After 5 years I want to transfer 90,000 CAD to my Canadian bank account as is. Would this 90,000 be taxed then? My understanding is that 90K CAD was earned before I became PR so no tax is levied on it.
appreciate some clarity and if anyone has any official CRA links on this matter would help us. Been searching but could not get anything concrete.
My understanding is that Canada's Tax treaty with UAE is only for UAE citizens whom do not have to pay taxes on tax-free income from UAE. As you mentioned you were indian citizen at the time of earning the income "may" be considered as indian income (needs correction) and as you said you will be paying canadian income tax after you become canadian PR on the 90k interest as world income. 90k when transfered "might" be considered as canadian income for the taxation year.